Thinking of getting into business with Hive Markets? Here is what you must know about this broker. Carefully read this review to find out if hivemarkets.io is the trading platform you will want to trade with.
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About Hive Markets Broker
Hive Markets is an offshore brokerage company with a lot of offers for traders. It offers assets such as forex, crypto currencies, metals, indices, Shares, Energy and more.
This broker hides under the company called Hive Technologies LLC. Its location is said to be Saint Vintage and Grenadines.
Hive Markets presents EUR/USD spread with 1.5 pips difference in Buy/Sell. Here, it claims to have different accounts for traders’ money.
Traders are provided with MT4 trading software which Hive Markets claims on the website.
hivemarkets.io: Reasons to Avoid This Broker
Firstly, hivemarkets.io is a platform with no financial authority overseeing its financial services. The need for regulation is to block scam activities and also assure the safety of traders’ money. While this is not the case with this broker, it is a risk.
There is the problem of transparency with hivemarkets.io which seems to be lacking. Its denial to provide us with enough information is a turn off as it reserved vital details to the broker only.
hivemarkets.io leverage is a red flag and you must not fall to it. It offers a high leverage that is against the ratio sets by financial regulators. Its leverage of 1:500 is a much risk that can cause traders to lose money very fast.
Withdrawal and Deposit
Withdrawal process
There is no information on how you can make a withdrawal request. We also don’t know the fee Hive Markets charges traders for any withdrawal process.
This is just a way to reap traders of their money and even frustrate their withdrawal request.
Minimum Deposit
Hive Markets minimum deposit is indicated $10. Inasmuch as this broker presents a deposit as small as this one, it still doesn’t make it legit. Scam brokers are good at offering sweet offers just to get as many that will fall to their trap.
Hive Markets presents Bitcoins as the ready payment method and hope to make other options open soon. We know payment made with crypto is a risky one as there is no refund for it. This is why it is used by scam brokers for reason it cannot be traced. So beware!
Hive Markets Platform
Hive Markets operates on MT4. Even though this broker adopts the industry standard, we know this is a way to look legit in the forex market so it can be taken serious. But, traders must beware of such sale pitch as it is too good to be true.
Hive Markets offers different account types like ECN, Pro, Var, Mini and Islamic.
Hive Markets leverage is 1:500 which is presented on all accounts. This is a high leverage to risk depositing in the first place. In fact, it is above the regulatory leverage set by financial regulators.
Hive Markets Licensing and Regulation
It is not far from the truth that hivemarkets.io is not a licensed brokerage firm. It is not under any financial regulation that means traders’ money is at risk.
In fact, its financial services are shady and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is hivemarkets.io a Legit Broker?
No, hivemarkets.io is not a legit broker for traders and because of that, you are advised to stay away from this broker.
The scam is on the wall for forex traders to avoid crossing path with hivemarkets.io because its claimed license and lack of transparency are red flags.
Therefore, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
